Entain has doubled down on its commitment to acquire Enlabs AB, as the Ladbrokes owner adjusted its earlier bid by some 32.5% to approximately $446.1 million.

The Takeover Plan

Majority of Enlabs shareholder have agreed to redouble their initial offer to acquire the Baltic-facing casino operator .

Entain offered an initial bid of $336.7 million for the Enlabs business in January, but a significant number of Enlabs investors rejected the proposal over concerns that the overall value of their firm was being undervalued by as much as $122 million

Determined to acquire their target, Entain has now increased the value of its bid, with the acceptance period to run until 18 March. The company previously pushed this period from 18 February, which gave them enough time to secure all necessary requirements for the deal.

Now, it appears it’s just a matter of time before Entain completes its purchase of Enlabs as their target’s independent bid committee already informed the buying company that it would recommend Enlabs shareholders accept the increased offer. The committee also said the formal statement will be announced no later than one week prior to the expiry of the acceptance period.

Entain stressed it would not increase its offer again and, subject to final shareholder and regulatory approval. The company also hopes to complete the acquisition by the end of March.

Rob Wood, chief financial officer and deputy chief executive of Entain, explained why the Isle of Man-based firm is the best company to acquire Enlabs, pointing out its commitment to complete the acquisition.

“Entain will be the best home for Enlabs, its employees and customers.”

“Against this background, we have decided to make a final offer of SEK53 to all shareholders, providing an opportunity to exit their investment at a very attractive valuation.”

“We are pleased that shareholders with around 51% have now irrevocably agreed to accept the offer and would urge other shareholders to do the same by 18 March.”

More about Entain

Founded in Luxembourg in 2004 as Gaming VC Holding, Entain has grown into a nine-figure business . It has acquired of a number of iGaming brands such as Bwin, Ladbrokes, PartyPoker and SportingBet. Entain also secured partnership with MGM Resorts International to operate the BetMGM platform in the United States.